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Turkish Government "Goes For Gold"; Seeks To "Transfer" Private Gold Holdings Into Bank System

Tyler Durden's picture




 

Gold may not be 'money' to the Chairman, but it sure is to Turkey. The WSJ reports that "The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system." The reason: "The push to tap into the individual gold reserves—the traditional form of savings here—is part of Ankara's efforts to reduce a finance gap that is currently about 10% of gross domestic product." In other words, "sequester" the population's hard assets (politely of course), and convert these to paper to fund the country's creditors, both foreign and domestic. Mostly foreign. In other words, Southeast Europe is slowing becoming the staging ground for the 21st century equivalent of Executive Order 6102, where first Greek, and now Turkish gold, is about to be pulled from point A to point B, where point B is some top secret vault deep under London.

How will Turkey spin gold confiscation in the politest of ways? The WSJ has details:

Government officials say the banking regulator will soon publish a plan to boost incentives for consumers to park their household wealth inside the financial system. Banking executives said they are considering new interest-yielding gold-deposit accounts that would allow savers to withdraw gold bars from specially designed automated teller machines.

 

The moves come after the central bank in November announced that lenders could hold up to 10% of their local-currency reserves in gold, in part to tempt Turkey's gold hoarders to deposit their jewelry, coins or bullion at banks.

 

Economists say the policy shift is designed to change Turks' historic preference for storing a high percentage of personal wealth outside the banking system as a way to protect themselves against the economic volatility that has periodically hit Turkey in recent decades.

 

The effort is one front in a broader battle to encourage more savings while curbing the ballooning current-account deficit—a pressure point many investors fear could upend a fast-growing economy, estimated to have expanded more than 8% last year. Turkey's current-account gap has expanded faster than expected in recent weeks amid a surge in oil prices and data showing unexpectedly high consumer demand.

We wish them luck:

For some Turks, the government will have to unveil a lot more sweeteners before they part with the family gold. 

Because what may not be apparent to a Princeton Ph.D., is more than obvious to a 70 year old housewife in Istanbul:

"I'm keen to save, so keeping gold at home is easy for me; there is no complicated procedure," said Ayten Altin, a 70-year-old housewife in Istanbul. "In an emergency, I can convert it to cash and I don't have to wait for the bank to say the asset has matured."

Q.E.D.

 

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Thu, 03/22/2012 - 09:18 | 2280050 Harlequin001
Harlequin001's picture

You got that right, London it is, not New York...

Old money talks...

The question is, why would anybody want to deposit their gold bullion in a bank?

Surely a safe deposit or vault is preferable...

Thu, 03/22/2012 - 09:23 | 2280074 jus_lite_reading
jus_lite_reading's picture

How much gold is still in Ft Knox? The whole world wants their gold back...

Thu, 03/22/2012 - 09:28 | 2280101 Pladizow
Pladizow's picture

A fool and their "money" are soon parted!

Thu, 03/22/2012 - 09:31 | 2280108 MillionDollarBonus_
MillionDollarBonus_'s picture

This is a smart move by the Turkish government. It is a crime against humanity to hoard gold and silver when speculators have driven these metals to absurdly high prices. By hoarding metals instead of investing in the economy, goldbugs and silverbugs are impeding economic growth and inhibiting job creation. The Turkish government and banks can now rehypothicate this gold to facilitate credit expansion as a form of monetary stimulus, which helps everybody, not just a few greedy goldbugs.

Thu, 03/22/2012 - 09:33 | 2280123 Pladizow
Pladizow's picture

Attention American Citizens:

O'Bummer wants you to trade in your gold, guns and freedom for a cheeseburger, prozac and free cable!

 

Thu, 03/22/2012 - 09:36 | 2280131 HungrySeagull
HungrySeagull's picture

Hay-ul no. Come and get it.

Thu, 03/22/2012 - 09:45 | 2280163 Miles Ahead
Miles Ahead's picture

You mean, "come 'n git it!"

Thu, 03/22/2012 - 10:04 | 2280241 MaggieL
MaggieL's picture

Actually, we mean molon labe

Thu, 03/22/2012 - 10:22 | 2280295 Oh regional Indian
Oh regional Indian's picture

Was thinking of what would happen if they tried it here in India.

And then I realized they already did!!! Gold Loan companies, euphamistically called Non Banking Finaicial Corporations, are mopping it up as Indian's find it harder and harder to pay for that debt driven holiday/car/flat/tractor they could not really afford, especially that floating rate loan they never understood in the first place.

Interesting that they are trying to do it openly in Turkey. 

ori

if-i-ever-saw-a-sign/

Thu, 03/22/2012 - 10:25 | 2280310 Pladizow
Pladizow's picture

Still on it, huh!

Thu, 03/22/2012 - 10:47 | 2280329 Oh regional Indian
Oh regional Indian's picture

On what Plad, Gold Loan Companies? I read about it in the news every day. I see things happeningall around me. I speak with common folk. My auto-rickshaw driver had quite a tale to tell today. All about debt.

What are you talking about? And if it is the above, what are you basing your opinion on?

ori

Thu, 03/22/2012 - 11:34 | 2280520 flacon
flacon's picture

I always had the sneaky suspicion that when it comes time for us to unload our gold and exchange it for other assets that we would not be taxed. 

Thu, 03/22/2012 - 10:37 | 2280341 DoChenRollingBearing
DoChenRollingBearing's picture

@ ORI + 1

And I was thinking of what would happen if they tried it here (in the USA).  I would venture to say that almost all of us 1% (those of us who hold physical gold, NOT, the other 1%...) are gun holders as well.

Molon labe, bitchez!

Thu, 03/22/2012 - 10:46 | 2280366 Oh regional Indian
Oh regional Indian's picture

DCRB, here, in India, the rate (!) at which people are getting sucked into debt for a whole bunch of "desires", life's little extras at crazy interest rates (Auto loan is 10-16%, depending as an example).... And because there is so much more "stuff" out there, re-sale prices are terrible. 

All in all, it's not going to end well here, there is no way the PTB do not have a plan for one-sixth of the world's population, especially when it is the largest collective gold-holder on the planet. 

To the PTB, India is probably an above ground gold-mine, being prepped for a little vaccum-cleaner action via Gold Loan Companies.

ori

Thu, 03/22/2012 - 11:52 | 2280563 juggalo1
juggalo1's picture

10 or 16% interest rates are not so bad when inflation is running 6-8%

Thu, 03/22/2012 - 12:17 | 2280638 Oh regional Indian
Oh regional Indian's picture

But what if real inflation is closer to 20 % in essentials and 2% in crap?

ori

Thu, 03/22/2012 - 16:40 | 2281770 akak
akak's picture

Bingo!

There is no "if" about it.

Thu, 03/22/2012 - 10:38 | 2280348 Gully Foyle
Gully Foyle's picture

Oh regional Indian

Watch the most recent South Park. Features conning elderly out of their money, cash for gold, home shopping networks, and gold jewelry ties to India.

Interesting how all the dots connect in a circle jerk.

Thu, 03/22/2012 - 10:46 | 2280371 Oh regional Indian
Oh regional Indian's picture

Sly Social Engineering Gully. So many tools.

ori

Thu, 03/22/2012 - 12:23 | 2280653 MeelionDollerBogus
MeelionDollerBogus's picture

LOL whoever made the rhyme did the crime :D

Thu, 03/22/2012 - 14:48 | 2281287 Jacks Nipple
Jacks Nipple's picture

Those guys are brilliant.

Thu, 03/22/2012 - 11:34 | 2280522 MeelionDollerBogus
MeelionDollerBogus's picture

http://youtu.be/4TlPo0yCSa4

without Southpark we wouldn't have this gem!

Moo moo MOO. Moo-moo.

Thu, 03/22/2012 - 10:17 | 2280279 SubjectivObject
SubjectivObject's picture

zackly

Thu, 03/22/2012 - 09:45 | 2280164 redpill
redpill's picture

"Economists say the policy shift is designed to change Turks' historic preference for storing a high percentage of personal wealth outside the banking system as a way to protect themselves against the economic volatility that has periodically hit Turkey in recent decades."

Obviously, government is supposed to act in the interest of the people, but the Turkish government has shown that is a cheap façade. The people are currently acting WISELY and protecting their savings, but the government wants them instead to act foolishly and risk their financial security because the government is too inept to manage their own finances. If that isn't the perfect example of why, in the end, it is always you versus the state, I don't know what is. I hope the Turkish people tell them to fuck off.

Thu, 03/22/2012 - 10:59 | 2280396 duo
duo's picture

keeping money in their banking system is not in one's economic best interest.  Kind of like buying a GM car.

Thu, 03/22/2012 - 11:45 | 2280547 fockewulf190
fockewulf190's picture

The Turkish Central Bank has a knack for chopping zeros off its currency denomination from time to time. You can only ream the public so many times until they show you the bottom of their shoes.

Thu, 03/22/2012 - 11:59 | 2280590 tabasco71
tabasco71's picture

How much longer before the US and the UK and EZ issue polite requests similar to this I wonder?

Thu, 03/22/2012 - 19:51 | 2282133 Bicycle Repairman
Bicycle Repairman's picture

"Economists say the policy shift is designed to change Turks' historic preference for storing a high percentage of personal wealth outside the banking system as a way to protect themselves against THEFT  that has periodically hit Turkey in recent decades."

All fixed.

Thu, 03/22/2012 - 09:45 | 2280166 I am more equal...
I am more equal than others's picture

Gold is going to experience Midnight Express....the citizens are picking up the soap in the shower while the goberment is beating the soles of their feet.  We will take that (oh yeah, we have an army to help use) and give you paper (used toilet paper) - yes, Kevin Bacon, you may have another ...

 

Thu, 03/22/2012 - 12:03 | 2280604 LowProfile
LowProfile's picture

I see many boating accidents on the horizon...

Thu, 03/22/2012 - 10:02 | 2280233 rufusbird
rufusbird's picture

I hear some guy name Corzine was hired to run the books in the back office operations division...

Thu, 03/22/2012 - 10:57 | 2280278 poor fella
poor fella's picture

The banks are going to make loans against these holdings correct? So they may not care if it's costume jewelry covered in 20 carat diamonds? Inflated interests payments (still near zero) is nothing compared to the leverage the banks could create. What were the 'assets' the ECB just allowed on their balance sheets?

Are the banks going to have assayers determining values? "The New Tungstun: Not just for fishing lures!"

Thu, 03/22/2012 - 09:44 | 2280160 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Deal!  Sorry, that was the prozac talking.

Thu, 03/22/2012 - 10:40 | 2280355 Gully Foyle
Gully Foyle's picture

Pladizow

Maybe you should go back on the Prozac.

Thu, 03/22/2012 - 09:54 | 2280202 rehypothecator
rehypothecator's picture

I'm finally starting to see through the ignorance and contempt your posts have, and instead actually see the sarcastic humor.  It's been a long, slow and difficult process, however.

Thu, 03/22/2012 - 10:26 | 2280315 poor fella
poor fella's picture

MDB's best post! I'm almost to the point you've reached.

He's stepping out of the closet - about right here   /s a r _

Thu, 03/22/2012 - 10:51 | 2280380 CIABS
CIABS's picture

Yes, MDB is becoming comical now.

Thu, 03/22/2012 - 11:23 | 2280482 MeelionDollerBogus
MeelionDollerBogus's picture

I'm surprised he didn't say that gold has no value to back it unlike bonds and dollars that have the full faith & credit of the US government :D

Thu, 03/22/2012 - 13:10 | 2280841 Catch-22
Catch-22's picture

he has indeed refined his “craft” very nicely

 

Thu, 03/22/2012 - 10:11 | 2280266 BKbroiler
BKbroiler's picture

MDB - never stop trolling, seriously.  You're my favorite one.

Thu, 03/22/2012 - 10:33 | 2280323 Monedas
Monedas's picture

Million Dollar Boner !   I still give you the benefit of the doubt.....you're pulling our chains and....strings ? Ladies don't have chains to pull !         Gold has no place to hide.....if you hoard it, you retire it from the bidding of the marketplace and enhance the bidding power of all other barter and currency.....in the most egalitarian distribution imaginable !  It's like when you don't vote.....you distribute your voting power equally to all those who do vote !  It is impossible to not contribute....even if you hoard and don't vote !  Monedas   2012   Maybe we could pimp (hypothecate) your ass and use the proceeds to pay down Greek debt ? 

Thu, 03/22/2012 - 10:38 | 2280349 mc_LDN
mc_LDN's picture

Crackerjack.

Thu, 03/22/2012 - 11:21 | 2280476 MeelionDollerBogus
MeelionDollerBogus's picture

duuuude

you already said that gold & silver have no value

how can it be a crime against anyone to hold onto something you say has no value? Inconsistent-Troll is Inconsistent.

How can anything impede economic growth if it's useless as you say so often? You have no value for gold & silver, you say no one else does so let people hold onto these things you say are useless.

And again I say, no need to rehypothecate gold & silver materials into fraudulent shared holdings where no one can make their claim. Do it to the existing fraudulent bonds & currency paper, issue more of those, don't worry about silly things like land, gold and oil.

You hit -68. Well, it's a tad better but I've seen -390 for you before. Keep trying, mini-B

Thu, 03/22/2012 - 11:51 | 2280559 juggalo1
juggalo1's picture

It impedes economic growth by driving investment into gold and silver mining which are economically unproductive ventures.

Thu, 03/22/2012 - 15:32 | 2281470 MeelionDollerBogus
MeelionDollerBogus's picture

Of course because it would make much more sense to leverage all gold & silver 100 to 1 then rehypothecate that into corporate bonds to mine for treasuries at the Fed!

Thu, 03/22/2012 - 11:28 | 2280508 juggalo1
juggalo1's picture

Usually you are pretty funny, but this is not sensible on any front.

Thu, 03/22/2012 - 11:40 | 2280532 Raymont
Raymont's picture

Long live MillionDollarTroll_.

Thu, 03/22/2012 - 13:11 | 2280843 cranky-old-geezer
cranky-old-geezer's picture

 

 

By hoarding metals instead of investing in the economy, goldbugs and silverbugs are impeding economic growth and inhibiting job creation.

Hmmmmm..... what about those hundreds of billions of "excess reserve" dollars Wall Street banks have parked in Fed accounts? 

You know, money they got when they sold all those worthless MBS to the Fed (at full original value).

Hundreds of billions of "excess reserve" dollars parked in Fed accounts for 3 years now?  Sounds like hoarding to me.

Of course I know it's satire MDB.  Nobody could be so stupid and gullible and brainwashed to actually believe what you say.

Thu, 03/22/2012 - 13:37 | 2280977 MagicHandPuppet
MagicHandPuppet's picture

The crime against humanity is the poisonous rubbish coming from you, dip shit

Thu, 03/22/2012 - 15:30 | 2281461 MeelionDollerBogus
MeelionDollerBogus's picture

http://youtu.be/GKyFhx9vakY Germany concerned their gold is in New York. Not happy at all about it

Thu, 03/22/2012 - 17:32 | 2281903 gezza65
gezza65's picture

ROTFL, for a minute there I thought you were serious. 

Thu, 03/22/2012 - 12:45 | 2280715 Head_Shots_Work
Head_Shots_Work's picture

I miss your old 'icons'

Thu, 03/22/2012 - 12:45 | 2280716 Head_Shots_Work
Head_Shots_Work's picture

I miss your old 'icons'

Thu, 03/22/2012 - 09:46 | 2280169 Getting Old Sucks
Getting Old Sucks's picture

How much Tungsten is Still in Ft Knox?

Fixt it for ya.

Thu, 03/22/2012 - 09:51 | 2280190 sunnydays
sunnydays's picture

Why do goverments want gold?  Jeez Bernanke says it is just a "relic of tradition" not real money.  I find it funny how it being nothing in terms of money, yet governments want it from their citizens.  Including JP Morgan grabbing all the MF Global customers gold in the vaults. 

 

Gosh, there must be something to gold having value after all.   When the U.S. starts this, how will they be able to turn the fact they say it has no real value, yet they will want it from their citizens. 

Watch this - Silver will not be confiscated - yet it is money.  Great new video about Silver and our Freedoms from David Morgan.

http://www.youtube.com/watch?v=QHc4Vp4I9_I&list=FLOGDlHWXKWzzDaG8jruVNWQ...

Thu, 03/22/2012 - 10:36 | 2280342 one-in-nine
one-in-nine's picture

Believe what they do, not what they say.  Actions speak much louder than words. 

Thu, 03/22/2012 - 10:41 | 2280358 Gully Foyle
Gully Foyle's picture

Getting Old Sucks

Why do you even need to keep the Tungsten in Fort Knox?

It's all sleight of hand.

Thu, 03/22/2012 - 09:24 | 2280078 achmachat
achmachat's picture

at the very moment this was posted, somebody started to sell a lot of paper precious metals; so maybe they're doing what you are saying: cashing in to buy the real thing and store it at home...

Thu, 03/22/2012 - 09:32 | 2280116 HungrySeagull
HungrySeagull's picture

Strange.

I just moved out myself this morning. All of it.

No gold, but silver.

Better a little profit now and freedom than being issued serial number and someone else hold the money. (Whatever it is...)

If it aint here, they will do it here soon enough when someone somewhere does something like this kind of sugar daddy, candy luring confiscation.

Smart Housewife. Very smart.

Sometimes you smile at the bank, and this time the bank is smiling at you.

Savvy?

Thu, 03/22/2012 - 13:20 | 2280878 cranky-old-geezer
cranky-old-geezer's picture

 

 

And (paper) silver is dropping like a stone.

Wow, I didn't know ZH articles could move markets like this.

Thu, 03/22/2012 - 09:29 | 2280090 maneco
maneco's picture

I've heard the Red Shields have a vault that runs under the river Thames and that if someone were to try to break in they would promptly be drowned by a mechanism that floods the vault temporarily.

Thu, 03/22/2012 - 09:42 | 2280155 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

SCUBA gear

Thu, 03/22/2012 - 10:05 | 2280245 The Wolf
The Wolf's picture

been done before

Sexy Beast...

 

Thu, 03/22/2012 - 12:29 | 2280669 jimijon
jimijon's picture

Wasn't there some hole up in Maine or such that they found years ago. Some mysterious cave hole? Then when they were trying to find what was down there they tripped the trap and it flooded or collapsed?

Hmmm, maybe all the Aztec gold is there?!

Thu, 03/22/2012 - 13:25 | 2280916 EINSILVERGUY
EINSILVERGUY's picture

You might be thinking about oak island

http://www.youtube.com/watch?v=N6D4e8MxGLE

 

Thu, 03/22/2012 - 14:55 | 2281316 Goner
Goner's picture

Oak Island Treasure maybe what you are talking about. I read about this many many years ago and the story still fascinates me

http://www.activemind.com/Mysterious/Topics/oakisland/

Thu, 03/22/2012 - 09:28 | 2280105 Unprepared
Unprepared's picture

Isn't this like the oldest trick in the banker's hat?

Thu, 03/22/2012 - 09:32 | 2280119 Kaiser Sousa
Kaiser Sousa's picture

"The question is, why would anybody want to deposit their gold bullion in a bank?"
Answer: "Please come with us sir..."

Thu, 03/22/2012 - 11:33 | 2280519 Manthong
Manthong's picture

Try getting to your safe deposit box when you want it the most.. during a crisis and during a bank holiday.

 

Thu, 03/22/2012 - 13:25 | 2280911 ClevelandJanelle6
ClevelandJanelle6's picture

my neighbor's aunt makes $67 hourly on the laptop. She has been fired from work for ten months but last month her check was $20142 just working on the laptop for a few hours. Here's the site to read more ....  http://lazycash9.com

Thu, 03/22/2012 - 09:16 | 2280051 Quintus
Quintus's picture

Gold?  That old thing?  Why don't they seek to sequester the public's AAPL shares?  They're much more modern and not in the least barbarous.

Thu, 03/22/2012 - 09:35 | 2280129 maneco
maneco's picture

I guess the Turks must be barbarians!!!! :))

Thu, 03/22/2012 - 10:43 | 2280186 cranky-old-geezer
cranky-old-geezer's picture

 

 

Interesting how bankers drool over the possibility of getting their hands on more gold, while publicly saying it's an outdated barbarous relic no serious investor would have.

They're just talking their book obviously, trying to squelch public demand for gold so they can buy it cheap.

And it's interesting how ...hesitant... bankers are about letting go of gold they hold for others.  If it's a barbarous relic nobody cares about, bankers should be glad to get rid of it anytime they can ...like when Chavez wanted his gold back ...and Germany wants their gold back.  

And Bernanke is right, gold isn't money in the current system.  Worthless unredeemable paper they can print on a printing press is money in the current system.  

But don't laugh, they have laws saying that worthless unredeemable paper must be accepted by creditors as payment if offered.  That's how they make worthless unredeemable paper have value.  Laws saying creditors must accept it.

Gold needs no such laws to have value.  People don't have to be forced by law to accept gold as payment.

But those laws are only in America.  Everywhere else on the planet people can reject US dollars and demand some other form of payment ...like Iran is doing with its oil ...and China has agreed to give Iran some other form of payment ...and no, our rogue government won't be able to force Iran back on the petrodollar without starting WWIII.

US dollars have lost 40% of their "value" since 2007.

Gold hasn't lost any of its value since 2007.

Economists say the policy shift is designed to change Turks' historic preference for storing a high percentage of personal wealth outside the banking system as a way to protect themselves against the economic volatility that has periodically hit Turkey in recent decades.

And yes, Turks are right.   That 70 yo woman is right. 

After the MF Global $1.2 billion theft of investor assets, keeping anything in the financial system these days is asking to have it stolen from you.

Turks put their gold in the banking system and they'll never see it again.

Thu, 03/22/2012 - 10:58 | 2280397 beaker
beaker's picture

"....said the spider to the fly."

Thu, 03/22/2012 - 09:17 | 2280055 Sakka
Sakka's picture

Gold Guns Gas Grain

Thu, 03/22/2012 - 10:11 | 2280264 BoNeSxxx
BoNeSxxx's picture

and so it begins...

Thu, 03/22/2012 - 11:25 | 2280491 cowdiddly
cowdiddly's picture

Ive got me some black clothes with buffalo hair and football pads. I been practicing not taking a bath for a few days, saving gas cans, even cut the fingers out of my gloves and trying those perfect circle burnouts on my ninja.

 So bring on your dude with the Knee brace and sawed off. Ill be roastin his mutt over the campfire.

Thu, 03/22/2012 - 13:21 | 2280881 Catch-22
Catch-22's picture

new 4G network, for the well informed

Thu, 03/22/2012 - 09:18 | 2280056 Eclipse89
Eclipse89's picture

When someone will knock at this 70-year-old housewife to tell her all the benefits of this gold-to-cash operation, the polite answer will probably be: Fuck You.

Thu, 03/22/2012 - 11:16 | 2280458 Rubicon
Rubicon's picture

You look younger

Thu, 03/22/2012 - 11:34 | 2280506 cowdiddly
cowdiddly's picture

How much gold we talkin. I always was Phyzzically attracted to older women.

Grass widow?

Thu, 03/22/2012 - 09:19 | 2280060 SheepDog-One
SheepDog-One's picture

But why do they want to collect up the peoples gold? Dont these Turkish govt FOOLS know gold is just a worthless ancient bauble that only fringe kooks want to collect?

Thu, 03/22/2012 - 09:47 | 2280180 Kaiser Sousa
Kaiser Sousa's picture

"O'Ben One Berstanke has taught you well young Sheepdog..."

Thu, 03/22/2012 - 10:29 | 2280325 Decolat
Decolat's picture

This proves the turks and their gov't are extremists to be on the FBI's watch list... 

Or is cash for gold a new provision to get into the EU?

Thu, 03/22/2012 - 09:20 | 2280063 GOSPLAN HERO
GOSPLAN HERO's picture

Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.

Thu, 03/22/2012 - 09:33 | 2280122 HungrySeagull
HungrySeagull's picture

Flee as the Deer flies from the Hunter.

Hell, I hunt hunters... /hubris

Thu, 03/22/2012 - 09:20 | 2280064 djudy003
djudy003's picture

70 Year Old House Wife for Chairman.

Thu, 03/22/2012 - 09:20 | 2280066 HD
HD's picture

Headline: Turkey stuffing itself with gold

Entire country might take a short nap.

Thu, 03/22/2012 - 09:21 | 2280067 youngman
youngman's picture

Its just a nice way of saying give me your gold now before I steal it from you....with one of those long curved knives they have

Thu, 03/22/2012 - 09:21 | 2280068 awakening
awakening's picture

'Because what may not be apparent to a Princeton Ph.D., is more than obvious to a 70 year old housewife in Istanbul'

70 year old gold hoarder thumbing her nose at Princeton Ph.D. paper holder - Priceless :)

Thu, 03/22/2012 - 09:22 | 2280073 alfred b.
alfred b.'s picture

 

   ....just you wait till the bernanke gets whiff of this and begs you to bring your 'tradition' to the fed for safekeeping!

   Do not release your gold and/or silver under any circumstances.

 

Thu, 03/22/2012 - 09:23 | 2280075 MittRomney2012
MittRomney2012's picture

Seriously. Change the freaking record.

 

Thu, 03/22/2012 - 09:55 | 2280208 Terminus C
Terminus C's picture

If you don't like the music, perhaps you should go to a different club.  I hear CNBC plays 'popular' music.  Perhaps you might fit in better there...

Thu, 03/22/2012 - 10:49 | 2280375 SheepDog-One
SheepDog-One's picture

CNBC, pop'tard music for the moron Neandersheeple masses.

Thu, 03/22/2012 - 10:29 | 2280327 Dr. Engali
Dr. Engali's picture

Yahoo is looking for a few trolls.

Thu, 03/22/2012 - 10:30 | 2280330 CPL
CPL's picture

Good luck with your hopeful ambition to locate a news source to spoon feed you sugar coated nonsense.

 

Allow me to help fill your sad delusions.

 

www.cbc.ca

www.msnbc.com

www.bloomberg.com

www.lemonparty.org  <--- constant source of "happy" news, full of happy suburban dwellers.

Thu, 03/22/2012 - 09:23 | 2280076 Kaiser Sousa
Kaiser Sousa's picture

"But you can't eat Gold...I don't get it..."
Erin Burnett

Thu, 03/22/2012 - 09:27 | 2280093 SheepDog-One
SheepDog-One's picture

But Erin thinks you can eat Apple shares, she dips em in caramel.

Thu, 03/22/2012 - 09:34 | 2280126 HungrySeagull
HungrySeagull's picture

You will learn when your teeth snaps off so that you can participate in Obamcoughcare..

Thu, 03/22/2012 - 09:50 | 2280188 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

But Erin thinks you can eat Apple shares, she dips em in caramel.

She dips 'em in paper caramel.

 

Thu, 03/22/2012 - 09:28 | 2280098 GOSPLAN HERO
GOSPLAN HERO's picture

I'd like to spank Erin.

Thu, 03/22/2012 - 13:18 | 2280871 tsx500
tsx500's picture

me too.    +++1638

Thu, 03/22/2012 - 10:07 | 2280251 The Wolf
The Wolf's picture

Erin needs to Flavor Flav that gap between her two front teeth with gold... you could easily get 1/3 oz in their...

 

Thu, 03/22/2012 - 09:24 | 2280077 AU5K
AU5K's picture

Its probably easier for the government to confiscate if the gold is in a bank.  Just a guess.

Thu, 03/22/2012 - 09:38 | 2280132 AUD
AUD's picture

And that's exactly what happened in the 1930's. Most people had their gold coin on deposit at a bank, since that is what you normally do with your money.

The government simply replaced gold deposits with dollar or pound deposits, alchemically turning gold in lead, or worse.

Thu, 03/22/2012 - 11:00 | 2280401 Fukushima Sam
Fukushima Sam's picture

And of course promptly devalued the issued fiat...

Thu, 03/22/2012 - 09:38 | 2280141 HungrySeagull
HungrySeagull's picture

Bingo.

One Phone Call... Does It ALLLLL....

Reach out and touch someone.

Thu, 03/22/2012 - 09:24 | 2280080 bigfire
bigfire's picture

Guess I need to add more stock into my stockpike for doomsday again.

Thu, 03/22/2012 - 09:24 | 2280084 kito
kito's picture

thats too funny, try to convince the people, who didnt trust the system before and held gold, to now put their faith in the system, which is now falling apart at the seams, which is exactly what the people feared would happen, and was the main reason they acquired gold???..............too funny too funny...............

 

hey honey, i know we signed a prenup, but now that you know im cheating on you, i think it would be a great time to rip up that prenup and really put your faith in our marriage.............................

Thu, 03/22/2012 - 09:40 | 2280145 Non Passaran
Non Passaran's picture

... and we're at it, why don't you give me your wedding ring, I'll take good care of it for you...

Thu, 03/22/2012 - 09:26 | 2280092 alexwest
alexwest's picture

turks are no fools... they know things or two about inflation.

##wiki

#nnual rate peaking at 73 percent in mid-1993

The Turkish economy again was plunged into crisis in 1994. The central government's moves in 1992 and 1993 to grant large salary increases to civil servants and to increase transfers to state enterprises enlarged the public-sector borrowing requirement to a record 17 percent of GDP in 1993. This high government spending sharply boosted domestic demand's rate of growth to 6.4 percent in 1992 and 7.6 percent in 1993. In turn, inflation rates went up, with the annual rate peaking at 73 percent in mid-1993. The resulting rise in the real exchange rate translated into increased imports and slowed the expansion of exports. The trade deficit rose in 1993 to US$14 billion, while the current account deficit reached US$6.3 billion, or 5.3 percent of GDP.

http://en.wikipedia.org/wiki/Economic_history_of_Turkey

nice.. in reality probably at least 50% higher

alx

Thu, 03/22/2012 - 09:27 | 2280096 Kaiser Sousa
Kaiser Sousa's picture

"It gets dug out of the ground some where in Africa and then buried in the ground in someone's backyard"
Warren Sockpuppet...

Thu, 03/22/2012 - 10:26 | 2280316 BidnessMan
BidnessMan's picture

South African gold mining production is way down.

Now it is dug out of the ground in China, and stays in China.

Thu, 03/22/2012 - 09:27 | 2280097 Al Huxley
Al Huxley's picture

That last quote by the 70 year old housewife says it all.

Thu, 03/22/2012 - 10:24 | 2280299 Real Estate Geek
Real Estate Geek's picture

BRK ought to bring her on board as a counter to that old fool.

Thu, 03/22/2012 - 09:28 | 2280100 ffart
ffart's picture

ES under 1400. How will Ben "Vissanorovich" Bernanke and his gang of financial rapists rescue it this time? 

Thu, 03/22/2012 - 09:28 | 2280106 Stoploss
Stoploss's picture

Like i said, global gold confiscation in high gear.. Don't forget it took less than 12 hours for the German's to sieze the greek gold. After that they really didn't give 2 shits about anything else. After they get the gold, it's over.

Thu, 03/22/2012 - 10:26 | 2280314 Real Estate Geek
Real Estate Geek's picture

Hell, it took less than 12 hours for the Germans to seize France . . .

Thu, 03/22/2012 - 09:29 | 2280107 GeneMarchbanks
GeneMarchbanks's picture

'In other words, Southeast Europe is slowing becoming the staging ground for the 21st century equivalent of Executive Order 6102, where first Greek, and now Turkish gold, is about to be pulled from point A to point B, where point B is some top secret vault deep under London.'

Greece is Europe, Turkey is not. Won't be and can't be --Europe-- but the entire thing is of course the Anglosphere at work. Will it actually succeed? Depends but I doubt the Turks are this dumb.

Thu, 03/22/2012 - 09:32 | 2280114 Quinvarius
Quinvarius's picture

Just more of the inevitable steps that will force the world back onto a gold standard.  I expect to see a lot more non-stupid bankers looking to beef up gold deposits.  In the end, they will be trading their worthless fiat to get them.   

Thu, 03/22/2012 - 12:28 | 2280667 XitSam
XitSam's picture

"I would like to deposit this 400 ounce bar of tung ... oops, I mean gold." 

Thu, 03/22/2012 - 09:33 | 2280121 mess nonster
mess nonster's picture

I would gladly put all my gold in a TBTF bank for safekeeping. Sadly, I lost all my gold in a tragic boating accident.

Thu, 03/22/2012 - 10:08 | 2280253 mushi
mushi's picture

You too!? It has happened to me twice already. Damn boats they need to make them more gold proof. I think I'll stick with apple shares from now on. At least I can barter with them when the Full Motherboard Explosion of system reset arrives...

Thu, 03/22/2012 - 09:34 | 2280125 Josh Randall
Josh Randall's picture

Turkey wants it's dressing back!

Thu, 03/22/2012 - 09:34 | 2280127 nathan1234
nathan1234's picture

To understand you must read history. The Spanish Inquisition. The move to Turkey. The conversion for public consumption and the real control- where it lies.

 

Thu, 03/22/2012 - 09:35 | 2280128 Dr. Engali
Dr. Engali's picture

There sure is  a lot of fuss over a barbaric relic.

Thu, 03/22/2012 - 09:36 | 2280130 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Because what may not be apparent to a Princeton Ph.D., is more than obvious to a 70 year old housewife in Istanbul:

Can we nominate her for Treasury Secretary?

Thu, 03/22/2012 - 10:34 | 2280340 alexwest
alexwest's picture

SHE IS NOT THAT STUPID :)))))))))))

ALX

Thu, 03/22/2012 - 09:37 | 2280137 Sleepless Knight
Sleepless Knight's picture

Once that gold hits the Turkish Banks it will be gone. The banks will gladly give your the current value of FIAT in return upon demand, their rate of course.

Thu, 03/22/2012 - 09:42 | 2280138 ebworthen
ebworthen's picture

LOL!

Oh sure, the private citizen of Turkey or any other country are going to hand over their savings, especially tangible ones like GOLD, for "patriotic" reasons.

Gold?  What gold?

Gun?  What gun?

Just another sign of the coming collapse of the corrupt kleptoligarchies.

Why are gun and ammo sales at all time highs in the U.S.?

Because people know they are going to need them.

Thu, 03/22/2012 - 09:38 | 2280140 nah
nah's picture

mmmmmm gold... i saw the queen of enlands gold once that bitch is rich

Thu, 03/22/2012 - 09:41 | 2280147 HungrySeagull
HungrySeagull's picture

That "Bitch" rides on the Senior Citizen Fare at Liverpool Station on the railroad.

Now the big Beefcakes that surround her in the railcar to protect her from the bad guys must pay full fare and then some for the food and drink. Or is that Fish and Chips over there.

She DOES have a Royal Train that costs tens of thousands of Pounds to call out. But no... 4 pound please for London and keep the ravens.

Seriously? Rich? no no no... all her belongs to the State and by extension to the People.

God Save the Queen.

Thu, 03/22/2012 - 09:38 | 2280144 Kaiser Sousa
Kaiser Sousa's picture

Dave Ramsey says good is a stupid investment...
Dammit, if Dave says it thats good enough for me...

Disclaimer: I'm still stackin' u bitch ass bankers....

Thu, 03/22/2012 - 09:44 | 2280159 ebworthen
ebworthen's picture

Yeah, and Dave Ramsey was pumping the "diversified portfolio of equities" to stadiums full of people right before the 2008 collapse.

 

Thu, 03/22/2012 - 10:21 | 2280293 BidnessMan
BidnessMan's picture

A shill for his advertisers, just like all the investment magazines. Follow the money..... Dave is taking care of himself.

Thu, 03/22/2012 - 09:40 | 2280146 Hobbleknee
Hobbleknee's picture

Is Turkey really out of the recession in the positive sense, or are they out of the recession and into a depression like the US?

Thu, 03/22/2012 - 09:55 | 2280209 e-recep
e-recep's picture

I live in Turkey and I tell ya, the jobless rate is close to Spain's or Greece's. Trade deficit and current account deficits are huge. Imports are growing faster than exports. Only huge multinational companies and construction firms are making money while the middle class is vaporizing.

Turkey is in the middle of construction/housing bubble. In 2005 prices went three-fold and never came down. People are signing mortgage contracts like there is no tomorrow. Skyscrapers, condos and shopping malls are rising everywhere. The government is taxing the Turkish sheeple like crazy in order to keep the budget balance. The officials are afraid that the "hot money" and foreign capital that keep the Turkish economy going, might take a flight if the budget falls to deficit.

Thu, 03/22/2012 - 10:03 | 2280237 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

You need to join the EU to get the economy moving

Thu, 03/22/2012 - 10:15 | 2280273 The Wolf
The Wolf's picture

You need to join the EU so that you can be absolved of all responsibility

Thu, 03/22/2012 - 10:39 | 2280352 Bunga Bunga
Bunga Bunga's picture

You need to join the EU so that Germans can pay.

Thu, 03/22/2012 - 09:43 | 2280158 rsnoble
rsnoble's picture

Here is what Goldman reported on stocks yesterday:

http://finance.yahoo.com/blogs/breakout/goldman-sachs-best-time-generati...

I saved that link so I can use it for reference at SP 450.

Thu, 03/22/2012 - 09:44 | 2280161 cbaba
cbaba's picture

Good luck for trying to steal peoples gold savings. Its a tradition to hoard gold. Turkish people are not stupid and will never give their gold to the banks.

Thu, 03/22/2012 - 10:18 | 2280282 BidnessMan
BidnessMan's picture

Certainly given the recent history of Hyperinflation in Turkey, it would be remarkable if any Turk would voluntarily participate.

The WSJ article mentions vending machines dispensing gold bars upon demand. An amusing gambit - but gosh darn the machine will be empty and not restocked in a financial crisis. But in any case the average Turkish housewife is not gullible enough for that to entice her to turn in her gold.

I am reminded of Southpark's "and it's gone".

Thu, 03/22/2012 - 09:46 | 2280173 Dr. Gonzo
Dr. Gonzo's picture

I have a gold coin that was minted in Constantinople circa 500 AD. It's pretty cool. It has the image of the Emperor on one side. You see back in those days the ruling goverments had this fucked up idea that gold in circulation was healthy for society. Today we've learned from advanced modern economic theory it's best for Central Governments to hoard all the gold from the people and let them buy infinite electronic shares of it so every can make believe that the "own" gold while the governemt gets to use it as collateral to make all kinds of crazy bets, wars, and bizzare social experiments.

Thu, 03/22/2012 - 09:47 | 2280177 youngman
youngman's picture

Very funny actually.....I wonder what "interest" rate they will pay your for it???  or what value you get for it? just thinkin

Thu, 03/22/2012 - 09:47 | 2280179 apberusdisvet
apberusdisvet's picture

On his last month in office, Geithner will offer to buy gold for $2000 per ounce if tendered within 30 days.  On the 60th day, Bernanke will devalue the dollar by 50%.  After all, Benji is a great admirer of FDR

Thu, 03/22/2012 - 10:01 | 2280230 Clint Liquor
Clint Liquor's picture

 

On the 60th day, Bernanke will devalue the dollar by 50%.

Devalue against what? If there was a currency to devalue against they would have done it long ago. The fact is, all other currencies are fiat so everytime they try to devalue the dollar they are match by the devaluing of all the other currencies. They really want to devalue against those dirty currency manipulating Chinese. But the Chinese are having none of it. Funny, the only currency they have been able to devalue against is Gold. 

Thu, 03/22/2012 - 10:13 | 2280269 Mercury
Mercury's picture

...and oil and buying power in general.

Thu, 03/22/2012 - 12:53 | 2280766 cranky-old-geezer
cranky-old-geezer's picture

 

Devalue against what?

You're right, since USD isn't pegged to gold anymore, there's nothing to officially devalue against.

That's what they mean when they say a currency floats.  It's worth whatever the market says it's worth.

Nonetheless, USD has lost 40% of its value since 2007 from all the money printing.  You can call it floating devaluation, floating debasement, whatever.

 

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